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President Biden readies executive order on regulating, issuing cryptocurrency

US President Joe Biden is expected to sign a long-awaited executive order directing the Justice Department, Treasury and other agencies to study the legal and economic ramifications of creating a US central bank digital currency, reports Reuters.

In an article citing a source familiar with the matter, the time frame is for this week (07/03/2022).

The White House, reports the article, had said last year it was considering a wide-ranging oversight of the cryptocurrency market, including an executive order, to deal with growing threat of ransomware and other cyber crime.

President Biden’s order sets a 180-day deadline for a series of reports on “the future of money” and the role that cryptocurrencies will play in the evolving landscape.

“We could see a significant shift in policy in 180 days. This is a likely step toward creation of a central bank digital currency,” Reuters reports the source saying, citing significant momentum behind such a move within the Biden administration.

However, the reports being ordered could still raise concerns about such a move, or conclude that it would require congressional approval, the source cautioned.

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